Binance, Coinbase join West Africa scam sweep as firms flag $11 million for freezing
In brief
- Ghana and Nigeria authorities arrested 28 suspects, according to the U.S. Department of Justice.
- Private companies flagged more than $11 million for a possible freeze, not confirmed recoveries.
- Coinbase said it identified more than 65 active scam victims and prevented over $415,000 in losses.
- U.K. National Crime Agency said 117 trafficking victims were identified in Ghana.
What the operation found
The U.K.'s National Crime Agency hosted the operation, which brought tech firms and authorities together to go after networks targeting people in the U.S., the U.K. and other countries. The DOJ described it as the first such joint operation focused on West Africa.
Most of the arrests came out of Ghana. In Sasaabi, near Accra, Ghanaian authorities arrested 19 people and seized 303 electronic devices, while nine more people were arrested in Nigeria. The NCA said the operation also identified 117 trafficking victims in Ghana who were awaiting repatriation to Nigeria.
Participants handed law enforcement leads on more than 30 suspected scam centers.
The $11 million isn't a recovery
That headline number needs context. The more than $11 million represents funds flagged for a possible freeze (not seized, and not confirmed recoveries).
Partners also reported cryptocurrency seizures, but they didn't disclose the value or the assets involved. So there's no public figure yet for how much crypto was actually seized, and it's worth keeping the two numbers separate when reading coverage of the sweep.
Where the exchanges came in
Coinbase and Binance participated alongside blockchain analytics firms Chainalysis, Elliptic and TRM Labs. Coinbase said it helped trace illicit funds and support asset freezes, and that it gave intelligence to investigators. By its own count, the exchange identified more than 65 active scam victims and prevented more than $415,000 in potential losses.
TRM Labs said it exposed a large-scale peer-to-peer laundering network.
The social side was bigger still. Meta said it removed more than 3.7 million Facebook and Instagram accounts, pages and groups, most of which appeared to target Americans and Britons through impersonation.
None of those arrested has been found guilty of fraud or trafficking. They're suspects, and the reported figures (arrests, flagged funds, company tallies) come from the agencies and firms involved.
Frequently asked questions
Did authorities recover $11 million in the West Africa scam operation?
No. Private companies identified more than $11 million in funds that could be frozen. That figure represents funds flagged for a possible freeze, not confirmed recoveries.
How much cryptocurrency was seized in the operation?
Partners reported cryptocurrency seizures but didn't disclose their value or the assets involved, so no seizure figure has been made public.
What role did Coinbase play in the West Africa scam crackdown?
Coinbase said it helped trace illicit funds, support asset freezes and provide intelligence to investigators. The exchange said it identified more than 65 active scam victims and prevented more than $415,000 in potential losses.
